A reduction in sales completions over the period, from 71 to 52, led to a fall in revenues which were 6% lower at £14.65m.

This meant the developer, which was recently rebranded from One Heritage Group, recorded a pre-tax loss of £3.56m. This was wider than the £2.14m lost by the business in the preceding 12 month period.

Zentra’s management attributed its struggles to a number of factors - such as delays, cost of debt and rising material prices - which were also behind the company’s strategic review.

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As well as rebranding, this has seen Zentra exit the co-living sector to focus on core residential assets. During this time Zentra also completed on properties in Sheffield and Stockport, with completion since achieved on 24 houses in Eccleshill.

The strategic review also saw Zentra purchase a 30% stake in the One Victoria project in Manchester where the firm also serves as development manager.

Refinancing initiatives have also been agreed, with a new £7m facility secured at an improved 6% interest rate and a £2m debt write-off of existing group facilities.

Commenting on these results, CEO Jason Upton said the 12 month period had been a time of “reflection and transition”.

“The recent financial restructuring and inventory disposal have laid a strong foundation as we enter a new era with a fresh identity and revised strategy under the Zentra brand,” added Jason. “I look forward to leading the team through this exciting chapter in the months ahead.”